Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs


Cryptocurrencies are having another bullish session as the total value of the market surged to a new all-time high near $225 billion, with the help of the rally in BTC and Ripple, and despite the drop in the value of Bitcoin Cash. The most valuable coin its record high yet again after the brief but steep weekend correction, despite the still overbought long-term picture. We still urge traders and investors to wait for a deeper correction before entering new positions here, with support levels found at $7000, $6700, and $6000.

BTC/USD, 4-Hour Chart Analysis

Ripple has been the other main mover of the day so far, as the coin skyrocketed on huge volume and breached the $0.26 level before turning lower and stabilizing near $0.23. The coin triggered a short-term buy signal by moving above $0.2250 and it remains bullish on both time-frames, despite the pull-back, with another major target level ahead at $0.30.

Ripple/USD, 4-Hour Chart Analysis

The other majors are little changed expect IOTA, which further added to yesterday’s gains and reached overbought readings, while Ethereum Classic and Dash continue to drift lower in short-term correction patterns. Let’s see the detailed analysis of the short-term charts.

Ethereum

ETH/USD, 4-Hour Chart Analysis

Ethereum has turned choppy amid the Bitcoin rally, but it remains near the $330 level and within the rising long-term trend. The token still faces strong resistance near $350 and $380, and we expect a move towards the all-time near $400. Support levels are found at $315 and $300 and the coin is still neutral regarding the long-term momentum.

Litecoin

LTC/USD, Daily Chart Analysis

Litecoin is consolidating just below the $64 level after testing key resistance yesterday. The coin remains among the most stable and bullish majors regarding the long-term picture, and we still expect a rally towards the targets at $75 and $82.50 in the coming period, with support levels still found at $56 and $53.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash trades in a short-term correction pattern since the explosive break-out and pull back of the weekend, with the prior all-time high near $400 still being in the center of attention. The coin remains bullish on all time-frames and another leg higher above $500 is likely in the coming weeks. Support below $400 is found at $360, and near the $330 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is just within its short-term rising trend, as it continues to trend in a choppy correction pattern. The coin tested the $16 support level in early trading, but rebounded quickly in the low-volume environment. Resistance is ahead at $18 and $23, and as the short-term MACD is close to neutral again, we expect another leg higher soon.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero is also trading in a choppy consolidation around the $125 level, while still being in a rising trend, as the recent break-out remains intact. Key support is still found at $100 and below that near $80, with the next likely move still being a rally towards the all-time high near $150.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO remains stuck between the key $27 and $30 levels, as it settled down together with the broader market, amid the progressively declining trading volumes. Both the short- and long-term momentum remains neutral, and the investment picture continues to be bullish. Further support is found at $25 while targets are still ahead at $34 and $40.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA surpassed our target at $0.75 and rallied almost to the $0.90 level, reaching a strongly overbought state regarding the short-term picture. We urge traders to take profits near the current levels and wait for a correction, while investors should still hold on to a part of their holdings, as the long-term momentum is not severely overbought. The $1.1 level is still ahead as a target for the current move, while support is found below $0.75 at $0.64.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs

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